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Leaving Marquette?

If you're leaving Marquette, you must take care of your financial aid loans. Check to make sure you have everything in order!

New Repayment Information

Title II, Part A of the Health Care and Education Affordability Reconciliation Act of 2010 (P.L. 111-152) contains several education-related provisions. Major proposals in Title II, Part A, entitled the SAFRA Act, amend the HEA as described below.

Beginning July 1, 2010, Subsidized Stafford Loans, Unsubsidized Stafford Loans, PLUS Loans, and Consolidation Loans will be made only through the William D. Ford Federal Direct Loan (DL) program. DL program loans will be serviced by private for-profit and not-for-profit servicers under contract with the U.S. Department of Education (ED).

Therefore, in addition to the Department of Education’s current servicer, ACS, Inc., the Department has awarded contracts to four private firms with significant experience in servicing student loans to handle to increased need for the servicing of DL*.

Direct Loan Program Contracts

Origination, servicing, and collections on DL program loans are contracted out by ED according to procedures designed to ensure that these services are performed by qualified entities at competitive prices. In 2009, ED awarded performance-based contracts to four entities to service loans in its portfolio of federal student loans, including those made under the Direct Loan program**. The servicing of DL program loans is an administrative expense, and discretionary funds for administrative expenses are appropriated through annual appropriations acts.